# Capital Dynamics Capital Dynamics is an Asset Manager based in New York, Switzerland. ## Overview - **Organization type:** Asset Manager - **Headquarters:** New York, Switzerland - **Region:** Europe - **Address:** Grafenauweg 8, Zug, 6300, Switzerland - **Founded:** 1988 - **Assets under management:** 15000 (Altss estimate) - **Website:** www.capdyn.com - **LinkedIn:** https://www.linkedin.com/company/capital-dynamics ## Regulatory record - **CRD number:** 130320 - **SEC file number:** 801-69335 - **Registration status:** Registered - **Reports private funds:** Yes - **IAPD record:** https://adviserinfo.sec.gov/firm/summary/130320 ## About Capital Dynamics was founded in 1988 in Switzerland and later moved its global headquarters to New York. The firm was built by Thomas Kubr, who remains Chairman, with Martin Hahn now serving as CEO. Unlike a traditional single-family office or direct investment shop, Capital Dynamics operates as an independent asset manager focused on selecting and monitoring external private-market fund managers on behalf of institutional clients. This manager-of-managers structure has made it a quiet but significant allocator in strategies where access and due diligence are the primary differentiators. The firm's investment activity spans multiple asset classes. In private equity, it concentrates on mid-market buyout and growth equity fund commitments, mostly in North America and Europe. Its clean energy infrastructure arm, Capital Dynamics Clean Energy, is a notable exception to the fund-of-funds model — it makes direct investments in utility-scale solar and battery storage projects across the United States. The private credit team commits to direct lending and special situations funds, while the secondaries group purchases LP interests in private equity funds. Confirmed investments include the acquisition of an 8point3 Energy Partners solar portfolio and development of the California Flats solar project (per the firm, 2019). With offices in New York, London, Zurich, Hong Kong, Tokyo, Munich, and San Francisco, Capital Dynamics maintains a global distribution and due-diligence presence. The firm is not known to operate a separate multi-family office or membership-based co-investment club. Its client base is almost entirely institutional — public pension funds, sovereign wealth funds, insurers, and corporate pensions. In December 2023, the firm closed the sale of a majority equity stake in its clean energy business to a consortium of investors, a transaction that valued the platform at roughly $1.7 billion (per Infrastructure Investor, December 2023). A defining structural feature is the clean energy division's decision to invest directly, even while the broader firm remains firmly a fund-of-funds manager. This hybrid approach — pooling institutional capital into third-party funds for private equity while directly owning and operating utility-scale renewables — is unusual among pure-play fund-of-funds firms and gives Capital Dynamics a differentiated mandate in the energy transition. Governance remains concentrated with the founders and senior partners, who have overseen the firm's expansion from a European private equity allocator into a global multi-asset platform. ## Sectors - Private Equity - Private Credit - Infrastructure - Clean Energy - Secondaries & Special Situations ## People - Thomas Kubr — Chairman - Martin Hahn — Chief Executive Officer - John G. Troiano — Global Head of Client Solutions ## Questions ### Does Capital Dynamics invest directly or only through fund commitments? The firm is predominantly a fund-of-funds manager. Its private equity, private credit, and secondaries programs all operate by committing to external funds and purchasing LP interests. The exception is its clean energy infrastructure division, which makes direct equity investments in large-scale solar and battery storage projects. This creates a hybrid model where one arm of the firm is an active direct owner of physical assets. ### Who makes final investment decisions at Capital Dynamics? Each investment vertical has its own investment committee. For private equity fund commitments, decisions are made by a dedicated committee composed of senior partners with experience across multiple cycles. The clean energy direct investment team operates with its own committee, reflecting the different nature of underwriting physical energy assets versus fund commitments. CEO Martin Hahn and Chairman Thomas Kubr sit on the firm's global executive committee, which sets strategic direction. ### What is Capital Dynamics' track record in clean energy? The clean energy infrastructure business, known as Capital Dynamics Clean Energy, was established in the early 2010s and became one of the largest independent owners of utility-scale solar and battery storage in the United States. The division developed and acquired gigawatts of capacity, including marquee projects like California Flats. In December 2023, a majority stake in the business was sold to a consortium led by APG and the California State Teachers' Retirement System at a valuation of approximately $1.7 billion. ### How does Capital Dynamics' secondaries program operate? The secondaries team purchases limited partner interests in private equity funds from investors seeking liquidity before the end of a fund's life. It also participates in GP-led restructurings and secondary directs. The program runs as a distinct vertical with its own dedicated capital, separate from the primary fund commitments team, and targets North American and European buyout, growth, and infrastructure fund interests. ## Related profiles - [Municipal Employees' Retirement System of Michigan (MERS)](https://altss.com/profile/municipal-employees-retirement-system-of-michigan-mers) - [Caterpillar Pension Plan](https://altss.com/profile/caterpillar-pension-plan) --- Last updated: 2026-07-06T00:31:59.371Z Canonical page: https://altss.com/profile/capital-dynamics Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology